Exam 19: The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates
Exam 1: Introduction to Auditing42 Questions
Exam 2: Auditors Professional Roles and Responsibilities45 Questions
Exam 3: Auditors Ethical and Legal Responsibilities57 Questions
Exam 4: Reports on Audited Financial Statements52 Questions
Exam 5: Preliminary Audit Planning: Understanding the Auditees Business45 Questions
Exam 6: Assessing Risks in an Audit Engagement52 Questions
Exam 7: Internal Control Over Financial Reporting73 Questions
Exam 8: Audit Evidence and Assurance47 Questions
Exam 9: Control Assessment and Testing51 Questions
Exam 10: Audit Sampling54 Questions
Exam 11: The Revenues, receivables, and Receipts Process and Cash Account Balance78 Questions
Exam 12: The Purchases, payables, and Payments Process61 Questions
Exam 13: Payroll and Production Processes48 Questions
Exam 14: The Finance and Investment Process44 Questions
Exam 15: Completing the Audit Work53 Questions
Exam 16: Applying Professional Judgment to Form the Audit Opinion and Issue the Audit Report48 Questions
Exam 17: Other Public Accounting Services and Reportsreviews and Compilations57 Questions
Exam 18: Professional Rules of Conduct Details and Auditor Responsibilities42 Questions
Exam 19: The Audit of Accounting Estimates: Basic Material Relating to Accounting Estimates50 Questions
Exam 20: Legal Liability Cases56 Questions
Exam 21: Other Professional Accounting Services and Reports, including Fraud Auditing50 Questions
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The tendency to value what we have because it is ours,regardless of its intrinsic value,is known as the ________.
(Multiple Choice)
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The tendency to exaggerate the inevitability of causal sequences is known as the ________.
(Multiple Choice)
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The susceptibility of an accounting estimate and related disclosures to an inherent lack of precision in its measurement is referred to as ________.
(Multiple Choice)
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Which of the following statements regarding the risk-based reasoning (RBR)matrix is FALSE?
(Multiple Choice)
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In CAS 540,quantified uncertainty is referred to as probability or risk.
(True/False)
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Accounting estimate nirvana occurs when the width of the reasonable range is less than or equal to the material misstatement,which means that there is no significant risk for any estimates within the reasonable range.
(True/False)
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Under Canadian audit standard CAS 706,the auditor may decide to place a "red flag" paragraph drawing attention to the uncertainty in the report.If there is material uncertainty about the going-concern assumption,for example,then CAS 706 requires that an emphasis of matter paragraph be added even when there is proper disclosure in the financial statements.Under what circumstances would uncertainty situations cause audit reports to be qualified for departures from GAAP?
(Essay)
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Misstatements are defined as the difference between ________ and the nearest point of the reasonable range.
(Multiple Choice)
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Uncertainty situations may cause audit reports to be modified (qualified)for departures from GAAP.
(True/False)
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Which of the following statements regarding the going concern concept is FALSE?
(Multiple Choice)
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